Non-oil trade between the UAE and Saudi Arabia increased by 32.5% in the first half

UAE Minister of Economy Abdullah bin Touq Al Marri stressed that the UAE-Saudi partnership represents a pioneering and distinct model regionally and globally in cooperation and continuous development of relations, in particularly in the economic, commercial and investment aspects, in in order to serve the path of prosperity and sustainable development witnessed by the two sister countries, noting the bonds of cohesion and the constants of civilization and the solid brotherhood that unites the United Arab Emirates and Saudi Arabia.

In his speech in occasion of the 91st Saudi National Day, he added: “The United Arab Emirates and Saudi Arabia are the two largest Arab economies and, through their joint and continuous work to expand the areas of cooperation in various vital sectors help to advance the region’s development process towards new horizons “.

The minister continues: “Efforts continue to develop this strategic partnership according to a clear vision led by the Saudi-Emirati Coordination Council since its establishment 4 years ago, which oversaw the launch of development plans, initiatives and qualitative projects that have a fundamental role in generating a wealth of commercial, investment and development opportunities for the business sector in both countries at the level of the Gulf region and the Arab world, according to the Emirates news agency, WAM.

commercial exchange

He explained that according to trade statistics for the year 2020, the Kingdom of Saudi Arabia is the UAE’s first trading partner at the level of Arab countries and the third at the global level.

The UAE Minister of Economy said the volume of non-oil trade between the two sides in the first half of 2021 was about 61.7 billion dirhams (16.8 billion dollars), with a rate growth of 32.5% compared to the first half of 2020, reflecting the strength and diversity of business relationships and their continued growth. On the other hand, the UAE is the largest Arab trading partner for the Kingdom, and the third in the world with Saudi Arabia after China and the United States of America in the year 2020.

He said: “We are proud of the exceptional developments that the UAE-Saudi economic partnership is witnessing in various fields with the support of the two leaderships both in the UAE and in the Kingdom, as the trade and investment cooperation between the two countries today includes vital elements and strategic sectors, such as: innovation, technology, industry, services and logistics and security, food, tourism, mining, oil and natural gas, real estate, building and construction, wholesale and retail trade, financial and insurance sectors.

Bin Touq added: “We are confident that the next phase will witness, in light of this distinct level of cooperation and partnership, more diversity and opportunities that will lead to the growth of the UAE and Saudi Arabia economies and bring prosperity to the two countries. brothers. and peoples “.

Tourist exchange

For his part, the Minister of State for Entrepreneurship and Small and Medium-sized Enterprises, Dr. Ahmed bin Abdullah Humaid Belhoul Al Falasi, said that UAE-Saudi relations are still in continuous development, driven by the sincere determination of the leaders of the two countries to move forward in the process of consolidating fraternal ties and establishing a strategic partnership that includes all fields of development.

He stressed that the two countries have certainly made great strides in recent years in unifying energies and enhancing integration, according to a clear vision that encompasses a broad umbrella of sectors, the most important of which is connecting entrepreneurs, launching joint programs for the development of small and medium-sized enterprises, increasing the opportunities for their activities, encouraging tourism exchange and developing capacities in the tourism sector. This is reflected in the volume of business activities of the companies in the two countries. Today, more than 11,000 Saudis own and contribute to an economic license in the UAE until September 2021. In return, more than 140 Emirati companies invest in Saudi Arabia.

He added: “Tourism and tourism investments constitute one of the vital axes of cooperation between the two countries, which is reflected in the top list of the United Arab Emirates to attractive tourist destinations for Saudi tourists when traveling abroad. During the first half of questyear 2021, the United Arab Emirates received more than 200,000 Saudi guests in its hotels.

foreign trade

For his part, the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, said: “The relations between the United Arab Emirates and the Kingdom of Saudi Arabia are sincere brotherly relations and deep ties which are strengthened by the unity of the Gulf and Arab belonging, Arab and Islamic common values ​​and customs, and solidarity with regard to the issues of the region and the world, as well as the kinship ties between the two fraternal peoples.

He added: “Our economic partnership with our brothers in Saudi Arabia is strong and in growth and our trade and investment cooperation includes most of the vital sectors in the interests of the two countries and Saudi Arabia is the UAE’s largest investment partner in the Gulf, Arab, regional and fifth tier to global level “.

The minister continued: “The balance of Saudi direct investments in the United Arab Emirates up to the beginning of last year 2020, about 5 billion dollars, a growth of 4% compared to 2019, and in exchange, the United Arab Emirates are in front line among investing countries in Saudi Arabia with a cumulative balance of investments that exceeded the $ 9 billion barrier. “.

Non-oil trade between the UAE and Saudi Arabia increased by 32.5% in the first half

Saudi celebrations in occasion of the National Day

A minister of state for foreign trade said foreign trade between the two countries has reached leading levels at the Arab and global level, as the share of Saudi Arabia’s non-oil trade with the UAE among the group of Arab countries reached about 31.8% during the first half of questyear 2021, while the share of Saudi non-oil trade reached about 31.8% Oil ranks with the United Arab Emirates among the countries of the world at 6.9% in the same period.

He added that, in contrast, the share of the UAE’s trade with Saudi Arabia among the group of Arab countries over the past year was about 43.7% and about 4.5% among the countries. of the world. The UAE’s non-oil exports to the Kingdom during the first half of questyear 2021 grew 70.4% compared to the same period last year 2020, a 33.1% growth in UAE imports from Saudi Arabia and 13.5% growth in UAE re-export transfer in Saudi Arabia”.

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